A former federal health minister, Dr Michael Wooldridge, on 13 December was barred from corporate life for two years and three months after the High Court found him and four others in breach of the Corporations Act in a five-nil ruling.

The High Court found in favour of the Australian Securities and Investment Commission appeal against a lower court decision against Prime Trust founder Mr Bill Lewski and other executives of a $550 million retirement village that collapsed.

The lower court had quashed a ban against Mr Lewski and the others involved with Prime Trust because ASIC took too long to launch legal action.

Prime Trust collapsed in 2010, taking $500 million that had been pumped into it by about        9,700 investors.